MIRA INFORM REPORT

 

 

Report No. :

327308

Report Date :

23.06.2015

 

IDENTIFICATION DETAILS

 

Name :

EAST FISH PROCESSING LLC (EFP)

 

 

Registered Office :

Al Mina Road, Shed No 1, Fish Market 2741 Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.09.1991

 

 

Com. Reg. No.:

2122

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import, processing and export of fish and seafood products.

 

 

No of Employees :

100

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

D

 

 

UNITED ARAB EMIRATES ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

 

Company Name                                    : EAST FISH PROCESSING LLC (EFP)

Country of Origin                                   : Ajman, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 28th September 1991

Commercial Registration Number           : 2122, Ajman

Trade Licence Number                           : 11716

Chamber Membership Number               : 9540

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                     : 100

Activities                                               : Import, processing and export of fish and seafood products

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Alex Thomas, Finance Manager

 

Company name

 

EAST FISH PROCESSING LLC (EFP)

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Al Mina Road, Shed No 1, Fish Market

 

PO Box            : 2741

 

Town                : Ajman

Country             : United Arab Emirates

 

Telephone         : (971-6) 7455350 / 7444983 / 7422207

Facsimile          : (971-6) 7455318

Mobile              : (971-52) 9088757

Email                : eastfish@emirates.net.ae / eastfish@eim.ae

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Ajman.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Deira                                                                                                Office premises

Dubai

Tel: (971-4) 2255730

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Poonghat Shrinivaz                                         Indian                         Managing Director

 

·       Obaid Mohamed Khamis Hamza                      Emirati                        Director

 

·       K V Thomas                                                   Indian                         Director

 

·       V T John                                                        Indian                         Director

 

·       George Vargis                                                     -                            General Manager

 

·       Thomas George                                                   -                            Sales Manager

 

·       Shibu Mathew                                                      -                            Purchasing Manager

 

·       Alex Thomas                                                       -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th September 1991

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 2122, Ajman

 

Trade Licence No.        : 11716

 

Chamber Member No.  : 9540

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Obaid Mohamed Khamis Hamza                                           51%

 

·       Poonghat Shrinivaz                                                  ]

]

·       K V Thomas                                                             ]           49%

]

·       V T John                                                                 ]

 

 

AFFILIATED COMPANIES

 

·       Continental Foods Processing LLC

PO Box: 2741

Ajman

Tel: (971-6) 7422330

 

·       Thomsun Group

Dubai

     Tel: (971-4) 2626261

 

·       Star Fish Trading LLC

Dubai

 

·       East Fish Co LLC

Abu Dhabi

Tel: (971-2) 5544232

 

·       Thomsun Mercantile, Clearing & Forwarding

Dubai

 

·       Thomsun Food

Dubai

 

·       Thomsun Supermarkets

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import, processing and export of fish and seafood products.

 

Import Countries: Pakistan, Vietnam, China and India.

 

International Suppliers:

 

·       Anthu Food                          Vietnam

·       Longhai                                China

·       Sealand                               China

·       Sealord Seafood                  Pakistan

·       Cherukattu Industries India

·       Freeze Exim                         India

 

Brand Names: EASTCO and CORAL

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                UAE Dh 202,350,000                 UAE Dh 210,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Alex Thomas, Finance Manager

 

 

BANKERS

 

·       Mashreq Bank PSC

Foreign Trade Centre

Mashreq Building, 3rd Floor

Dubai Outsource Zone Alweer

PO Box: 9271

Dubai

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.50

UK Pound

1

Rs. 100.93

Euro

1

Rs. 72.31

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

DPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.